New campaign finance records for the first three months of the year show Cook County Board President Toni Preckwinkle pulled in $169,455, but spent $376,367. 

In the first quarter, Preckwinkle reported having $696,812 cash on hand, which is dwarfed by the $7.4 million Chicago Mayor Rahm Emanuel reported to have in his campaign coffers. In the first three months of the year, Emanuel pulled in $1.4 million in campaign contributions.

Preckwinkle is running for re-election, but has not fully ruled out a mayoral run.

If Preckwickle were seriously mulling a run for mayor, "She wouldn’t be spending so much and raising so little," an unnamed campaign adviser to the mayor said, according to the Chicago Sun-Times.

“She spent more than she raised. That says loud and clear that she’s not running,” the source told the newspaper's Fran Spielman, adding that Preckwinkle “could still change her mind.”

State limits placed on campaign donations could hinder the Cook County board president's ability to raise more funds quickly, the source pointed out. But Preckwinkle's team rejected that argument, telling the newspaper there would be time to gather necessary campaign funds for a legitimate mayoral bid, if the board president chooses to run.